According to the release, the goal is to develop a new type of toilet that meets the following criteria:

• Is entirely stand-alone and self-contained
• Provides practical but efficient sanitation, removing bodily wastes and swiftly disposing of them
• Can be used in single residences but is also potentially applicable to commercial facilities
• Works without incoming or outgoing water or water piping, sewer connections or electrical or gas power sources.

"Water is a very big concern for the Bill and Melinda Gates Foundation," said Klaus Reichardt, founder and chief executive officer (CEO) of Waterless Company Inc.

"Much of their focus is on improving living conditions for the nearly two billion people who experience ongoing water shortages or poor water quality," Reichardt added.

Although toilets use far less water today than those manufactured a decade or more ago, they still consume huge volumes of water, the release stated.

Letters of inquiry for a new toilet design are being accepted online until Thursday, May 10, 2012, the release noted.